Long term, communication may be an issue
Mechanically, most of your steps work. At 8th level (and not before), if you are an Elf, you could conceivably stay in Wild Shape forever by taking frequent short rests and Trancing for exactly four hours (although you'd need to make sure that you had an available use of Wild Shape before you started your trance, or you would revert back to normal size during the Trance). As Hellsaint mentioned, you'd need to use short rests rather than repeating long ones, but otherwise you'd be able to stay a bee as long as you needed to.
But there is one large RAW (rules as written) hole in your plan: step 4:
4.) I now "speak" bee.
This is not stated explicitly in the rules. The closest the rules come to addressing this is when they say the following
your ability to speak or take any action that requires hands is limited to the capabilities of your beast form. (PHB, p. 67)
So you certainly would now be physically capable of secreting the pheromones and vibrating in the way that bees do to communicate (you could make smells and motions). But you wouldn't necessarily know what these secretions or vibrations meant, either when you encountered them or performed them. There is some support that, in some cases, you could learn a new forms languages since:
Your game statistics are replaced by the statistics of the beast, but you retain your alignment, personality, and Intelligence, Wisdom, and Charisma scores. You also retain all of your skill and saving throw proficiencies, in addition to gaining those of the creature.
Debatably, a language could be considered a proficiency. So while a 10th level Moon Druid is Wild Shaped into an Earth Elemental, they might be able to speak and understand Terran, since Terran is a language listed in the Earth Elemental's stat block. But in the stat block provided for Bee (that you linked to) bees have no language proficiencies.
Initially, you could get around this by casting Speak With Animals before you transformed, but this would give you only 10 minutes of understanding and communicating. After that, when the bees in the colony attempt to communicate with you, you will not be able to reply or understand them (and at 8th level, you could not cast Speak With Animals again while Wild Shaped). It is difficult to say whether or not bees would tolerate a new bee that quickly stops responding to anything they say, and gives no chemical or physical indication that it is a member of this hive (although some of this chemical indication may simply be from the wax clinging to your body, it may also be from your pheromones). Things might not go well for you there.
A DM may rule that in Wild Form you are effectively under the effect of the Speak With Animals spell at all times for beasts of your type, but this could vary by DM and is not part of the rules as written.
In some animal societies, this might not be a large problem. If you were attempting to infiltrate a community of sheep, you might get by simply following the herd wherever it went, and failing to understand the herd's bleats would be unlikely to cause problems. With a society as violently defensive as bees, it is difficult to say how a non-communicative member will be treated.